All Forum Posts by: Neil Seldomridge

I’ve listened to just about every single episode of the podcast (900+) and it seems like they’re getting worse over time.

A 35 minute episode is now just a 3 min intro, 20 min of content, 10 min of advertisements, and a 2 min outro with more ads. 

The most recent “webinar” with Faircloth and Francois was shameless promotion with almost no actual value.

I hate to be negative, I’ve gotten a lot from BP.  But why exactly am I paying for Spotify premium and BP Pro just to be flooded with ads?

Just my two cents, sometimes negative feedback is needed. 

 Thanks, Tim.  That's great advice.  I was listening to an old BP podcast episode this morning wherein Brandon mentioned that no's aren't forever; they're just no's for right now.

 Thanks, Andrew.  I appreciate your insight and I agree - I need to find one where the numbers make sense first and foremost.

Thanks, Ben.  I agree - as I was writing these out I was also thinking I was being overly optimistic.  I'll keep analyzing / making offers / talking to local investors until I find one that I can make work.  I'm eager to do my first "value-add" project, as it's what I want to do to add to my current (small) portfolio, but I need to find an actual deal.

Hi all, I have done two deals now (a live-in-flip and a more turnkey duplex) and am looking to take down my first BRRR. My all-in budget is about 150k cash (HELOC) and I found a property that looks pretty good, but the sellers are not budging on price.

It's a 3 bed/1 Bath 1500 sq ft built in 1945.  The house is in pretty good shape structurally, decent fenced backyard, hardwood floor throughout, in a B- / C+ area.  Upon a walkthrough the major things that stood out to me are: roof is near the end of its life, the ac unit, water heater, and a section of cast iron main sewer line (easily accessible overhead in basement) all need to be replaced.  The bathroom will also need to be gutted and redone.  The wiring has been updated, the furnace is relatively new, the kitchen is in good shape, the bedrooms just need paint.  There is also a bonus finished attic room that could be an office or play room and the basement has a "bedroom" with windows too small for egress, but they are above ground and could theoretically be enlarged to make it a legit 4th bedroom.

House is in Roanoke Virginia and is listed for $110k. Comps in the neighborhood seem to be about $100 / sq ft, so I'm thinking $145k is a good number for ARV, so 70% rule would put purchase + rehab at 115k. My thoughts for purchase & rehab are below:
- 85k purchase

- 25k rehab (10k roof, 5k ac, 4k bathroom, 1k water heater, 2k sewer line, 3k paint)

The issue is sellers are stuck on price - they declined my offer and supposedly (per the realtor) have an offer for 105k that they are not taking.  I know it doesn't make sense at that price point, but I'm hoping for advice on if I am thinking about this right / if things were different, would this be worth going to 90k or 95k?  

To play devil's advocate, I know I'll probably lose money on my first deal and if I can get a house for 10k after a refinance, that doesn't seem too bad.

Appreciate any thoughts!

 Hey @Cel Arrington, to circle back on this, my wife and I have moved to Roanoke since our last conversation and I'm planning to start attending meetups.  Do you know if the Tuesday meeting at Jersey Lily's is still going on and if so, what time it is?

 Thanks, Chris.  Much appreciated!   In our case, our loan servicer offers a BPO as an alternative to an appraisal to determine value and ensure we have >20% equity.  

P.S. The house is Fairfax, so probably not to far from you.

Hi all, to follow up on this, it looks like the only stipulation in my loan doc is the one-year occupancy requirement, which we have satisfied. So we should be good to proceed and hopefully get our $136/monthly PMI removed.

The power of Bigger Pockets - saving $1,600 per year by asking questions (and having great people answer them)!

Thank you all for the help!